Category: Tax Code, Regulations and Guidance

November 20, 2023

TAKING STOCK OF A TAX DEAL (AGAIN): It’s almost like the tax policy version of “if a tree falls in the woods and no one is around to hear it, does it make a sound?” Think of it as “can […]

November 20, 2023

Estate planning is a lot like putting together a puzzle. The client provides you with their box lid showing what they want the ultimate result of their plan to look like. Then, estate planners are tasked to identify and gather […]

November 17, 2023

The Internal Revenue Service recently announced the 2024 cost of living adjustments for the estate and gift tax exclusion amounts. Gift Tax Exclusion Amount The Gift Tax Exclusion Amount is the amount an individual may gift to any number of […]

November 16, 2023

The Artificial Intelligence Act (AI Act) is the first comprehensive legislation that intends to regulate AI horizontally across all sectors in Europe. It will have far reaching consequences on all companies developing, implementing, or using AI solutions in the EU […]

November 14, 2023

On November 13, 2023, the U.S. Department of Agriculture (USDA), the U.S. Environmental Protection Agency (EPA), and the U.S. Food and Drug Administration (FDA) posted the following documents on the Unified Website for Biotechnology Regulation: As reported in our September […]

November 13, 2023

A bipartisan crew of House members is urging the Treasury Department to give businesses a further break on new Foreign Tax Credit regulations. Treasury announced back in July that they were giving taxpayers a two-year reprieve from those rules, which […]

November 10, 2023

As the U.S. transitions from the acute phase of COVID-19, the lasting impact of changes ushered in by the pandemic is becoming clear, most notably the shift toward remote work. While no longer a necessity, remote work remains extremely popular, […]

November 8, 2023

In addition to Washington’s real estate excise tax (REET), transferors of ownership interests in entities that own real property in Washington must also factor in Washington’s capital gains tax when making such transfers. The Washington Supreme Court upheld the capital […]

October 30, 2023

As reported by The Guardian’s Dan Milmo, the White House, in advance of this week’s AI summit in the UK, has issued an executive order on AI safety and regulation. Directives from the order include: Mandatory sharing of safety test […]

October 27, 2023

On October 10, 2023, California Governor Newsom signed into law S.B. 365, a bill that amends California Code of Civil Procedure Section 1294. The new law provides that when a party appeals an order denying a motion to compel arbitration […]

October 26, 2023

This past summer, the Treasury and Internal Revenue Service (IRS) published proposed Treasury Regulations (88 FR 40528 and 88 FR 40496) under two key provisions of the Inflation Reduction Act of 2022 (IRA) designed to enable taxpayers and tax-exempt entities […]

October 25, 2023

Eyes on Energy Tax Update is a regular publication of the Holland & Knight Renewable and Alternative Energy Tax Team that provides highlights of important developments. The Renewable and Alternative Energy Tax Team also publishes more in-depth publications on certain […]

October 23, 2023

WHAT KIND OF MONEY WE TALKING ABOUT? One of the questions still hanging over the global tax deal is what kind of impact it might have on the bottom line for the Treasury, and for American companies. Republicans in Congress […]

October 20, 2023

Last year, California Governor Gavin Newsom signed the FAST Food Accountability and Standards Recovery Act (AB 257), which sought to increase the California minimum wage to $22 per hour, with annual increases thereafter, and created a new state commission to […]

October 18, 2023

Earlier this month, the Food and Drug Administration (“FDA” or “the Agency”) issued a highly anticipated proposed rule outlining the regulatory framework and implementation plan for Laboratory Developed Tests (“LDTs”).[1] The LDT regulatory status is long and meandering—and summarized below—but, […]

October 17, 2023

The Inflation Reduction Act of 2022 (IRA) incentivizes clean energy jobs by incorporating labor requirements and promoting workforce development within the United States. The IRA introduced proposed regulations (REG-100908-23) and frequently asked questions with guidance on how taxpayers can document […]

October 12, 2023

The EPA released its final reporting and recordkeeping requirements for PFAS, scientifically known as per- and polyfluoroalkyl substances, under the Toxic Substances Control Act (TSCA) on September 28, 2023. According to EPA, the final rule is the result of a […]

October 9, 2023

On September 28, 2023, EPA released a long-anticipated final rule aimed at gathering information on products in commerce that contain PFAS chemicals. As defined in the regulation, the term “PFAS” includes a group of materials known as fluoropolymers, which are […]

October 6, 2023

Governor Maura Healey signed a tax relief package into law on October 4, 2023, making changes to how the Massachusetts estate tax is calculated, as well as several changes to Massachusetts income tax laws. Estate Tax Changes The new law […]

October 5, 2023

The information you provide to your tax preparer is as sensitive as it gets. The assumption is that the tax preparation company is only using your data to prepare your taxes. In an enforcement action against Beneficial Corp., the FTC […]